Rewards with reason

The program is designed to reward employees who demonstrate the company’s core values. Recognition comes in the form of points, given by both colleagues and management, that can later be redeemed for prizes. Cathy LeBlanc, manager, employee experience, with I Love Rewards, explains that employees earn most of their points by “living the six company values: passion, integrity, sharing, continuous improvement, transparency and exceeding expectations.” Points are also granted for years of service.

If a co-worker is exemplifying one of the company’s core values, a colleague or manager can give him or her points through the program’s online portal. The fact that the person has earned points and the reasons behind them are then shared with the entire company via a Facebook-type feed. “It’s very effective for managers to recognize their employees, but it’s also very effective for employees to be recognized by their peers,” says LeBlanc.

Each point equals a penny. While that might not sound like much, it can really add up. LeBlanc has redeemed her points for gift certificates, a blender and, most recently, airfare for a trip to Argentina.

“You know the saying, ‘The shoemaker’s kids go barefoot.’ We didn’t want to be one of those companies,” says Suleman. According to him, employee feedback surveys show that the program is one of the top 10 reasons the 44 employees enjoy working at I Love Rewards.

Exceeding expectations
I Love Rewards has appeared on numerous best employer lists, including Best Small & Medium Employers in Canada and Greater Toronto’s Top 75 Employers. But it’s not just the rewards program that is gaining the company these accolades—it’s the company’s commitment to its employees.

For instance, the I Love Rewards benefits plan is currently within the top 25% of plans within its market, in terms of design and benefits offered. Currently, employees don’t pay premiums for medical, dental, vision or extended healthcare coverage, but there is an 80% co-pay on the majority of the services. This year, the company has vowed to improve the plan so that it will rank within the top 10th percentile.

Just what those improvements will be hasn’t been worked out yet, but LeBlanc is currently investigating what options other providers may be able to offer. The reason for improving the plan is twofold: the face of its workforce has changed since the current plan was first implemented, and I Love Rewards has an office in Boston that is growing. “We need to be more enticing on that side. We need to be more compelling [with benefits] because of the unique challenges in the U.S.,” LeBlanc explains.

I Love Rewards also offers a group RRSP, but what really makes the company unique, Suleman says—the No. 2 reason why employees say they like to work at I Love Rewards—is the stock option plan. When employees start, they are given their first allocation of about 5,000 options to acquire company shares. Employees can receive more based on individual performance—not based on seniority, as with some other plans—on an annual basis. The options can be exercised after four years.

Work and play
As with most companies, attracting and retaining top talent is a high priority for I Love Rewards. To do so, it is not enough to just offer competitive pay and perks; it has to be a place where people want to work. Companies need to understand their workforce and then surpass employee expectations, which this employer seems to have no problem doing.

I Love Rewards doesn’t operate on a nine-to-five mentality but believes that being in the office, working as a team, is essential for producing the best results and for contributing to the culture. However, in cases when that’s not possible, every employee has a subsidized BlackBerry or iPhone as well as a laptop with VPN access. “Our workforce is generally made up of gen X and gen Y, but we do have [some] adult supervision around,” Suleman jokes. “What’s really important to them? To be able to get what you need done, wherever you are.”

The downside to being so mobile is that it can infringe on the work/life balance. Suleman admits that it’s not uncommon for him or other team members to put in a 12-hour day or to be checking and sending emails well after typical office hours. However, he justifies these practices in two ways.

First, goal-setting drives his workforce. While meeting team goals “no doubt means some long hours,” he says, it’s the internal drive to succeed that makes employees want to put in the extra time. Second, the company promotes a work-hard, play-hard ideology and is upfront about it. “We start everyone off with four weeks of vacation…and for the 48 weeks you are here, you are definitely earning your four weeks.” I Love Rewards has a use-it-or-lose-it policy, so taking vacation is encouraged. But it’s not all work for those other 48 weeks.

Each Friday, from 5 p.m. to 7 p.m., the company holds “First-round Fridays,” where employees gather in the company lounge to celebrate the week’s milestones. “It’s for whatever you want to celebrate and to have a drink with the rest of your team,” Suleman explains. “We are so focused on doing great work throughout the week, we may not have time to connect with people as often as we’d like.”

With a culture as rich as this, it’s not surprising that I Love Rewards has a low turnover rate. When there are job openings, it averages more than 200 applications per position. Suleman admits that the first couple of years were a different story for the company—but once the core values became the focus, the results were clearly rewarding. BC

April Scott-Clarke is assistant editor of Benefits Canada.
april.scottclarke@rci.rogers.com

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© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the March 2010 edition of BENEFITS CANADA magazine.